Latest Ratios: P/E Ratio 15.1x · EV/EBITDA 11.1x · ROE 18.9%. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2013 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.5B | $2.1B | $2.1B | $1.3B | — | — | — | — |
| Enterprise Value | $2.4B | $2.1B | $2.1B | $1.4B | — | — | — | — |
| P/E Ratio → | 15.09 | 12.56 | 17.61 | 15.13 | — | — | — | — |
| P/S Ratio | 1.76 | 1.51 | 1.82 | 1.45 | — | — | — | — |
| P/B Ratio | 2.55 | 2.12 | 2.63 | 1.96 | — | — | — | — |
| P/FCF | 6.18 | 5.32 | 6.95 | 3.87 | — | — | — | — |
| P/OCF | 6.10 | 5.24 | 6.85 | 3.84 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2013 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.48 | 1.82 | 1.52 | — | — | — | — |
| EV / EBITDA | 11.10 | 9.51 | 13.38 | 11.94 | — | — | — | — |
| EV / EBIT | 11.28 | 9.32 | 12.88 | 11.33 | — | — | — | — |
| EV / FCF | — | 5.19 | 6.94 | 4.06 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2013 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.0% | 44.0% | 28.6% | 30.3% | 26.4% | 25.1% | 10.9% | 100.0% |
| Operating Margin | 15.3% | 15.3% | 13.3% | 12.3% | 7.8% | 9.0% | -21.1% | 9.6% |
| Net Profit Margin | 12.0% | 12.0% | 10.4% | 9.6% | 6.2% | 7.2% | -16.7% | 5.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2013 |
|---|---|---|---|---|---|---|---|---|
| ROE | 18.9% | 18.9% | 16.3% | 15.9% | 9.3% | 15.3% | -54.5% | 5.5% |
| ROA | 4.0% | 4.0% | 3.6% | 3.2% | 1.8% | 2.9% | -10.5% | 1.2% |
| ROIC | 18.5% | 18.5% | 15.1% | 13.4% | 7.3% | 12.0% | -45.3% | 7.1% |
| ROCE | 9.7% | 9.7% | 7.5% | 17.1% | 11.6% | 3.7% | -14.0% | 2.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2013 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.12 | 0.12 | 0.15 | 0.19 | 0.31 | 0.30 | 0.42 | 0.50 |
| Debt / EBITDA | 0.55 | 0.55 | 0.77 | 1.13 | 2.39 | 2.38 | — | 5.96 |
| Net Debt / Equity | — | -0.05 | -0.00 | 0.10 | 0.20 | 0.20 | 0.21 | 0.11 |
| Net Debt / EBITDA | -0.22 | -0.22 | -0.01 | 0.55 | 1.54 | 1.60 | — | 1.35 |
| Debt / FCF | — | -0.12 | -0.01 | 0.19 | 0.40 | 0.50 | 0.38 | — |
| Interest Coverage | 28.33 | 28.33 | 17.08 | 11.98 | 8.77 | 11.45 | -16.09 | — |
Net cash position: cash ($169M) exceeds total debt ($120M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2013 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.95 | 0.95 | 6.41 | — | — | — | 5.80 | 2.21 |
| Quick Ratio | 0.95 | 0.95 | 6.41 | — | — | — | 5.80 | 2.21 |
| Cash Ratio | 0.42 | 0.42 | 2.95 | 0.61 | 0.43 | — | 1.82 | 2.21 |
| Asset Turnover | — | 0.30 | 0.31 | 0.30 | 0.27 | 0.25 | 0.92 | 0.23 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2013 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2013 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.6% | 8.0% | 5.7% | 6.6% | — | — | — | — |
| FCF Yield | 16.2% | 18.8% | 14.4% | 25.8% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Shares Outstanding | — | $42M | $41M | $38M | $38M | $32M | $35M | $38M |
Social inflation litigation exposure
Based on the company's reported figures, Skyward Specialty trades at a P/B of 2.45, which suggests that investors are pricing in a significant premium for its specialized underwriting franchise compared to more commoditized peers like James River Group, which trades at a P/B of 0.40.
The current valuation multiple appears to reflect market confidence in the company's ability to maintain underwriting discipline while scaling its niche portfolio. Investors should monitor whether this premium remains sustainable if the combined ratio experiences further volatility or if the current growth trajectory begins to decelerate.
According to quarterly financial data, Skyward Specialty maintained a combined ratio of 84.3% in 2026Q1, demonstrating a consistent ability to generate underwriting profit despite the inherent risks associated with its specialized, non-commoditized insurance lines across the United States.
The trajectory of the combined ratio, which recovered from a 93.9% spike in 2024Q4 to sub-85% levels, suggests that management effectively manages loss volatility. This performance indicates that the company's underwriting talent is successfully pricing risk, though the reliance on niche segments warrants ongoing scrutiny of loss ratio trends.
As reported in financial statements, the company maintains a debt-to-equity ratio of 0.40 as of 2026Q1, which indicates a conservative approach to underwriting leverage that provides a robust buffer against potential claims volatility in its specialized commercial liability segments.
This low leverage profile suggests that the company is well-positioned to absorb unexpected losses without compromising its capital base. The current capital structure appears to prioritize long-term stability, which may limit immediate returns on equity but enhances the firm's resilience during periods of market stress.
The P/E ratio of 14.54 is frequently misapplied to Skyward Specialty, as it obscures the underlying volatility of underwriting results and the significant impact of reserve development on reported net income, which can fluctuate independently of the company's core operational performance.
Investors should instead prioritize the combined ratio and return on equity, as these metrics provide a clearer view of underwriting profitability and capital efficiency. Relying on P/E may lead to an incomplete assessment of the firm's value, particularly given the non-cash nature of reserve adjustments that often distort earnings.
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Quick answers to the most common questions about buying SKWD stock.
Skyward Specialty Insurance Group, Inc.'s current P/E ratio is 15.1x. The historical average is 15.1x. This places it at the 33th percentile of its historical range.
Skyward Specialty Insurance Group, Inc.'s current EV/EBITDA is 11.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.6x.
Skyward Specialty Insurance Group, Inc.'s return on equity (ROE) is 18.9%. The historical average is 3.8%.
Based on historical data, Skyward Specialty Insurance Group, Inc. is trading at a P/E of 15.1x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Skyward Specialty Insurance Group, Inc. has 44.0% gross margin and 15.3% operating margin. Operating margin between 10-20% is typical for established companies.
Skyward Specialty Insurance Group, Inc.'s Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.